The bitcoin price, still up some 230% so far this year, has fallen from its recent highs of $13,880 per bitcoin to trade as low as $9,610 over the last week as traders and investors fear a market correction could be imminent.
Now, new research has found that national holidays and family gatherings could drive interest in buying bitcoin and other cryptocurrencies when the market is already doing well or improving— suggesting we could be set for a new bitcoin boost this fourth of July Independence Day holiday weekend.
Bitcoin and cryptocuurency awareness, something that was harder to measure before bitcoin's epic 2017 bull run sent the bitcoin price from under $1,000 per bitcoin to almost $20,000 in fewer than 12 months, appears to be closely tied to the bitcoin price, which gets pushed on by so-called fear-of-missing-out (FOMO), according to new research from bitcoin and crypto prime dealer SFOX's research team.
"Part of the narrative surrounding [the 2017] unprecedented bull run was that many people were hearing about bitcoin for the first time," the researchers wrote in a blog post. "Over Thanksgiving dinner, the story goes, Luddites in the family would ask the more tech-savvy among them about this 'bitcoin' they’d seen in mainstream news — and how could they purchase some 'bitcoin coins' for themselves?